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Indicate whether the statement is true or false
TRUE
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On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. Thenote requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. Thefirst payment consists of interest of $11,550 and principal repayment of $11,942 . The journal entry to record theissuance of the installment note for cash on January 1 would
include a a. debit to interest expense for $11,550 b. credit to interest payable for $11,550 c. credit to notes payable for $165,000 d. debit to notes payable for $165,000
If the likelihood of a future event is probable and the amount of the expense cannot be estimated, how should the company report the contingency?
What will be an ideal response?
Which of the following statements about financial statements is not true?
A. The debt-to-assets ratio is a liquidity ratio. B. The dividend yield is a stock market ratio. C. The net margin ratio is a profitability ratio. D. The current ratio is a liquidity ratio.
Where jurisdictions allow affected (or tainted) lawyers to be screened and thereby avoiding imputed disqualification for the firm, what kinds of evidence show that the screen is effective?
What will be an ideal response?